Asia

Hong Kong airline Cathay's 1H profit tumbles 82 percent

  • FILE - In this Jan. 28, 2016, file photo, two model jets of Hong Kong airline Cathay Dragon, formerly known as Dragonair, front, and Cathay Pacific Airways, are displayed at a news conference in Hong Kong.  Cathay Pacific Airways says its profit tumbled in the first half of this year as economic weakness in China and other important markets cut passenger demand while it faced cutthroat competition from rivals.  Hong Kong's biggest airline on Wednesday, Aug. 17, 2016,  posted interim net profit of 353 million Hong Kong dollars ($45.5 million), down 82 percent from the same period a year earlier.  (AP Photo/Kin Cheung, File)

    FILE - In this Jan. 28, 2016, file photo, two model jets of Hong Kong airline Cathay Dragon, formerly known as Dragonair, front, and Cathay Pacific Airways, are displayed at a news conference in Hong Kong. Cathay Pacific Airways says its profit tumbled in the first half of this year as economic weakness in China and other important markets cut passenger demand while it faced cutthroat competition from rivals. Hong Kong's biggest airline on Wednesday, Aug. 17, 2016, posted interim net profit of 353 million Hong Kong dollars ($45.5 million), down 82 percent from the same period a year earlier. (AP Photo/Kin Cheung, File)  (The Associated Press)

  • FILE - In this March 9, 2016 file photo, Cathay Pacific Chairman John Slosar announces the 2015 company result in Hong Kong.  Cathay Pacific Airways says its profit tumbled in the first half of the year 2016 as economic weakness in China and other important markets cut passenger demand while it faced cutthroat competition from rivals.  Hong Kong's biggest airline on Wednesday, Aug. 17, 2016,  posted interim net profit of 353 million Hong Kong dollars ($45.5 million), down 82 percent from the same period a year earlier. (AP Photo/Kin Cheung, File)

    FILE - In this March 9, 2016 file photo, Cathay Pacific Chairman John Slosar announces the 2015 company result in Hong Kong. Cathay Pacific Airways says its profit tumbled in the first half of the year 2016 as economic weakness in China and other important markets cut passenger demand while it faced cutthroat competition from rivals. Hong Kong's biggest airline on Wednesday, Aug. 17, 2016, posted interim net profit of 353 million Hong Kong dollars ($45.5 million), down 82 percent from the same period a year earlier. (AP Photo/Kin Cheung, File)  (The Associated Press)

Cathay Pacific Airways says its profit tumbled in the first half of the year as economic weakness in China and other important markets cut passenger demand while it faced cutthroat competition from rivals.

Hong Kong's biggest airline on Wednesday posted interim net profit of 353 million Hong Kong dollars ($45.5 million), down 82 percent from the same period a year earlier.

The airline said its earnings were hurt by "economic fragility and intense competition" in the January-June period, putting sustained pressure on revenue, which fell 9.2 percent.

The company, which also operates regional carrier Cathay Dragon, said passenger numbers rose 2.7 percent but the money it earned from them fell 10 percent.

Cathay said it expects business conditions to remain challenging for the rest of the year.